Converse Bank is again the winner of the EBRD’s “Deal of the Year – Green Trade” award
Converse Bank is presented with the prestigious “Deal of the Year – Green Trade 2019” award by the European Bank for Reconstruction and Development (EBRD) under its Green Trade Facilitation Programme (Green TFP) for “encouraging best practices in industrial water efficiency in Armenia, with a water-savings impact equivalent to the annual water consumption of 220 Armenian households”.
Artur Hakobyan, the CEO, Chairman of Executive Management of Converse Bank said, “Green financing is one of the priority directions of the Bank’s strategy, and the EBRD’s award once again proves the effectiveness of Converse Bank’s efforts in promoting green financing. Last year the EBRD awarded us with this honorary prize for our success in the energy efficiency project, and this year for the water savings project. We are grateful to the EBRD, our long-term valuable partner, for the continuous trust and support and also our separate thanks to Commerzbank for lasting reliable partnership and its input in successful accoumplishment of the deal.”
Francis Malige, EBRD Managing Director, Financial Institutions, said: “Trade was under pressure before the pandemic, due to the rise of protectionism and geopolitical challenges. Initially the pandemic brought serious disruption to physical trade flows, but global trade has turned out to be more resilient than was initially expected. Today it plays a vital role in keeping the global economy afloat. However, trade – perhaps even more than other economic activities – has a special responsibility in building back a better world after the pandemic, one that is greener and more sustainable. We have been working with our clients over many years to foster green trade, and we are proud and pleased to recognise their achievements through the Green TFP prizes.”
Hans Krohn, Regional Head Financial Institutions, Commerzbank commented on this joint award: “Commerzbank is delighted that the EBRD has chosen this transaction for its prestigious green trade award. The support of international trade has always been at the top of our agenda. Over the past years, sustainability has become another major focus point for Commerzbank. Against this background, it fills us with pride that our valued partner Converse Bank and Commerzbank jointly received EBRD’s Deal of the Year – Green Trade award!”
Financing of “A&M RARE” LLC (trademark: RARE) by the Bank was aimed at founding of a spring and mineral water extraction and bottling plant in Kotayk Region of Armenia. The natural spring water is not processed in any way, it is bottled in its pure form, thus preserving all the natural useful features. The plant has been built in line with the highest standards – latest and most advanced technologies were imported from the well known German company KHS GMBH through issuance of a documentary letter of credit by Converse Bank. The letter of credit has been confirmed by the leading European parner Commerzbank and secured with the EBRD’s 100% guarantee covering the potential commercial payment and political risks.
Importantly, Converse Bank is the only Armenian bank at this point having received the prominent award.